Oschadbank, Ukrainian Council of Defence Industry sign memo for development of defence industry
State Oschadbank (Kyiv) and the Ukrainian Council of Defence Industry signed a memorandum for the development of the defence industrial complex (DIC), increasing technological independence and strengthening the security potential of the state.
"During the full-scale war, Oschadbank concluded loan agreements to support state and private defence industry manufacturers for the amount of over UAH 17.5 billion. In 2024, the volume of agreements concluded with such companies almost doubled compared to 2023. I am confident that our cooperation with the Ukrainian Council of Defence Industry will further expand access to bank financing for industry manufacturers," commented Yuriy Katsion, Deputy Chairman of the Board of Oschadbank responsible for corporate business, whose words are quoted on the bank's website.
It is noted that the partnership will contribute to the creation of a stable financial environment for the development of a new generation of Ukrainian defence technologies, the unification of business, the state and the financial sector to strengthen a competitive defence industry. In addition, manufacturers' access to financial instruments will be expanded and the implementation of strategic projects will be accelerated.
As reported, the Ministry of Defence of Ukraine is initiating changes that will allow including interest on loans in the cost of products, and expects state banks to participate more actively in financing defence industry enterprises.